London signalling signs of economic recovery

Small and medium-sized enterprises in London are reporting a surge in business, according to research commissioned by Bibby Financial Services.

Reported by londonlovesbusiness.com, London appears to be in the middle of an economic recovery as the final quarter of 2012 saw 31 per cent of firms showcase an increase in orders, compared to 24 per cent a year before.

Furthermore, findings suggest 41 per cent of firms have benefited from an increase in enquiries compared to 33 per cent in the last quarter to 2011.

In terms of recruitment, 21 per cent of firms admitted they are recruiting new staff, compared to a mere five per cent who stated similar in 2001, which is good news for jobseekers looking for jobs in London.

Overall, a quarter of firms believe their business is set to improve in 2013.

Chris Hardy, Bibby Financial Services spokesman, believes that growth in recruitment for businesses in London could happen both inside and outside of the capital.

He commented on the figures: “There is confidence out there, but it is very competitive and margins are being squeezed. There is a lot of talk about supply chain finance and the export-led recovery which suggests businesses are looking to grow and find opportunities outside the UK.”

Bibby Financial Service’s survey follows figures cites by stockmarketwire.com, which suggests 56 per cent of ‘small and mid-cap companies’ expect their number of full-time employees to increase over the next 12 months.